100s of titles, one news app for just $10 a month.
Dive Deeper:
Saudi Aramco becomes world's most valuable company, dethroning Apple
San Francisco (AFP) - Saudi Aramco on Wednesday dethroned Apple as the world's most valuable company as surging oil prices…
Boss of world’s biggest microchip maker SMIC says smartphone demand dropping ‘like a rock’
The world’s biggest microchip maker has said demand for mobile phones and computers has dropped “like a rock” as war…
Saudi Aramco overtakes Apple as world’s most valuable company
Soaring commodity prices swell oil giant’s profits as tech stock slide pegs back iPhone maker
Data Is The New Oil? Not Yet! Saudi Aramco Surpasses Apple To Become Most Valuable Company
Saudi Aramco has beaten Apple Inc (NASDAQ: AAPL) to become the most valuable company, 
One subscription that gives you access to news from hundreds of sites
Apple no longer world's most valuable company. Check out the new No 1
Earlier this year, Apple boasted a market value of $3 trillion, about $1 trillion more than Saudi Aramco’s.Since then, however,…
Apple iPhone Manufacturer Foxconn Warns Of Cooling Smartphone Demand
Apple manufacturing partner Foxconn warned of cooling smartphone demand and supply chain challenges that the company is facing in China.
Get all your news in one place
Latest Business news:
Coles introduces gender affirmation leave
Grocery giant Coles is introducing 10 days paid gender affirmation leave for its trans and gender-diverse staff.
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Oil, gas bosses mull zero-emission options
The energy transition must not compromise energy security, which rules out 'de-fossilisation', Australia's biggest oil and gas industry gathering has…
Asian markets mixed after US retail data boosts Wall Street
Hong Kong (AFP) - Asian stocks were mixed Wednesday following a strong start in some markets, which took the lead…
McDonald's, Wendy's Sued Over Burgers Not Being Big And Juicy Enough
A Suffolk County resident is reportedly suing McDonald’s Corp (NYSE: MCD) and The Wendy's Co  (NYSE: WEN), accusing them of defrauding customers by not sell
Metricon to meet with Victoria’s treasurer amid rumours of company collapse
Acting chief executive of Australia’s largest homebuilder says company will continue business as usual after founder’s death
From analysis to good news, read the world’s best news in one place
Poor Countries Face a Mounting Catastrophe Fueled by Inflation and Debt
Before war ravaged Yemen, Walid Al-Ahdal did not worry about feeding his children. At his hometown near the Red Sea,…
The 'bots' at heart of Twitter buyout row
San Francisco (AFP) - Elon Musk's pausing of his bid to buy Twitter due to questions over "bots" has put…

Has Apple Stock Peaked?

By Dan Weil

Apple  (AAPL Get Apple Inc. Report may dominate the market for smart phones, but it’s no longer the biggest company in the world by market capitalization.

Saudi Arabia’s giant oil company Saudi Aramco took that honor from Apple Wednesday, when Aramco’s market-cap stood at $2.43 trillion, compared to $2.37 trillion for Apple.

Aramco shares trade on the Saudi Tadawul stock exchange in riyals. The company has benefited from the rise in oil prices this year. U.S. oil prices have climbed 42% year to date. At the same time, Apple has suffered from supply chain turmoil in China.

“You can’t compare Apple to Saudi Aramco in terms of their businesses or fundamentals,” James Meyer, chief investment officer at Tower Bridge Advisors, told Bloomberg. “But the outlook for the commodity space has improved. They’re the beneficiaries of inflation and tight supply.”

Morningstar on Apple

Meanwhile, Morningstar analyst Abhinav Davuluri thinks Apple is overvalued. He puts fair value at $130, compared to the company’s recent quote of $142.32.

Apple’s results for the quarter ended March 26 “came in ahead of our estimates, despite supply chain constraints and the ongoing chip shortage,” Davuluri wrote in a commentary.

“Demand for the firm's latest iPhone 13 and MacBook Pro drove record iPhone and Mac revenue for the March quarter.”

Going forward, “we remain positive on Apple's ability to extract sales from its installed base via new products and services,” he said.

“However, management expects June-quarter revenue to be $4 billion-$8 billion lower than usual.” That’s “because of supply constraints stemming from Covid-19-related disruptions, the ongoing chip shortage, softer customer demand in China, foreign exchange headwinds, and a pause of sales in Russia.”

Going forward, “we believe the recent stretch of strong revenue growth will be difficult to maintain as Covid-19-related Mac and iPad demand subsides,” Davuluri said.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Saudi Aramco becomes world's most valuable company, dethroning Apple
San Francisco (AFP) - Saudi Aramco on Wednesday dethroned Apple as the world's most valuable company as surging oil prices…
Boss of world’s biggest microchip maker SMIC says smartphone demand dropping ‘like a rock’
The world’s biggest microchip maker has said demand for mobile phones and computers has dropped “like a rock” as war…
Saudi Aramco overtakes Apple as world’s most valuable company
Soaring commodity prices swell oil giant’s profits as tech stock slide pegs back iPhone maker
Data Is The New Oil? Not Yet! Saudi Aramco Surpasses Apple To Become Most Valuable Company
Saudi Aramco has beaten Apple Inc (NASDAQ: AAPL) to become the most valuable company, 
One subscription that gives you access to news from hundreds of sites
Apple no longer world's most valuable company. Check out the new No 1
Earlier this year, Apple boasted a market value of $3 trillion, about $1 trillion more than Saudi Aramco’s.Since then, however,…
Apple iPhone Manufacturer Foxconn Warns Of Cooling Smartphone Demand
Apple manufacturing partner Foxconn warned of cooling smartphone demand and supply chain challenges that the company is facing in China.
Get all your news in one place